According to Korean media, it was revealed that the Los Angeles (USA) villa of HYBE Chairman Bang Si Hyuk, purchased in April last year for 26.4 million USD (nearly 670 billion VND), was purchased through a subsidiary of HYBE Labels called BEL AIR STRADELLA, LLC.
Earlier in June this year, the Korean Fair Trade Commission (KFTC) opened an investigation into HYBE Labels , designated as a corporation in 2024, for intentionally omitting or fabricating status reports. company.
Although the KFTC did not specify what documents may have been omitted or fabricated in the report, it is suspected that the omitted documents related to companies owned by chairman Bang Si Hyuk and his relatives. he owns.
Then, on July 26, HYBE Labels announced several fixes for its 2024 state of affairs report. The fix includes a US subsidiary called BEL AIR STRADELLA, LLC, owned by Bang Si Hyuk owns 100% of the shares and was registered in December 2023.
After discovering the report, HYBE Labels shareholders speculated that BEL AIR STRADELLA LLC is a company that Bang Si Hyuk established solely for the purpose of purchasing his 26.4 million USD villa in Bel Air neighborhood in Los Angeles, California.
Noticing that BEL AIR STRADELLA LLC is registered as a real estate company, the shareholders commented skeptically, "I wonder what pipe dream motivated him to open a real estate company. ..".
This information went viral on a theqoo post. The poster said, “when Chairman Bang Si Hyuk introduced the villa in Los Angeles through many media, the public thought it was privately owned, but it turned out it was bought with company money. ”.
This is even more controversial as HYBE is having a conflict with CEO Min Hee Jin of its subsidiary ADOR (manager of the NewJeans group). HYBE sued Min Hee Jin for abuse of trust. The group said that she revealed business secrets and planned to usurp ADOR.
However, despite conducting a surprise audit of ADOR and CEO Min Hee Jin, to date, HYBE has not discovered any evidence of embezzlement, misappropriation of public funds or bribery.
